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Bitcoin Data Review - is it scam or safe?

Bitcoin Data - is bitcoindata.org scam or good cryptocurrency exchange?

RATING: 1.5 / 1 REVIEWS ForexBrokerz Bitcoin Data
Bitcoin Data is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 N/A

 

 

Bitcoin Data is a Slovak cryptocurrency exchange, supervised by the Slovak Trade Inspection. The platform offers trading in 10 of the major cryptocurrencies (Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin, Dash, Monero, Ether Classic and Augur) for EUR.

 

Bitcoin Data advantages

 

- Regulation. According to the terms and conditions section of Bitcoin Data’s site, the platform is supervised by the Slovak Trade Inspection. This is a Slovak government agency that carries out the internal market surveillance of natural persons and legal persons, who sell or supply the products to the internal market or provide services. Its activities are not limited to financial services and markets only, but covers all goods and services offered in Slovakia.

 

- Lots of Coins. Bitcoin Data has a very good selection of coins on offer and covers almost all major cryptocurrencies.

 

- Binance partnership. Bitcoin Data offers the option to trade in over 100 cryptocurrencies through their partnership with the major crypto exchange Binance. However, it is not entirely clear how this partnership works.

 

- Countries. It appears that Bitcoin Data accepts clients from all EU countries, but we are not entirely sure.

 

Bitcoin Data disadvantages

 

- No info on fees. We could not find information about the trading fees Bitcoin Data charges its clients, but most likely they are included in the spread.

 

- Convoulted trading procedure. Bitcoin Data does not have a proper trading platform, but instead the client must fill in an order form and send it to the company. The reply should arrive shortly, but only Mon-Fri, 8.00-17.00. Orders placed outside the business hours will be processed on the following day or after the weekend. This is quite slow and cumbersome. Besides, the prices of cryptocurrencies are quite volatile and can incur significant losses for the clients, if they have to wait two days.

 

- Limited payment methods. The only payment method accepted by Bitcoin Data is via bank transfer. In case one wants to buy cryptocurrencies, they have to make it only after their order has been processed. Considering that the bank transfers take between 1 and 2 business days to arrive, the whole transaction becomes even slower.

 

>> See crypto exchanges accepting credit cards <<

 

- No Anonymity. Bitcoin Data’s service is not anonymous, even though the initial impression is that it only requires name and e-mail. However, according to the terms and conditions, the client must also provide address, date of birth and ID documents.

 

- Insufficient Information. The important information provided by Bitcoin Data is fairly sufficient, but there are some details missing, like how the partnership between them and Binance works. Nor there is explicit information about the fees charged by Bitcoin Data. The geographical availability of the platform is also a guesswork.

 

- Platform. Or the lack of such. There are no price charts that would help the potential user get a better idea about the price movements, nor an order book, nor anything that resembles a trading platform or a buy and sell form.

 

Conclusion

 

Bitcoin Data offers a good selection of cryptocurrencies to trade for fiat, but has some significant shortcomings. The major one is the speed of the service, which we have already commented upon. The cumbersome buying and selling process makes Bitcoin Data quite inconvenient for regular traders and can possibly be used only for the occasional buyer or seller who is not in a big hurry.

 

The lack of information about the trading fees is also annoying, although we guess they are included in the spread. But, as we already said, it is merely an educated guess.

 

Yet we like the fact that Bitcoin Data is supervised by the Slovak consumer protection body and that it has a partnership with Binance. Perhaps if it develops a faster transaction method and something more akin to a trading platform, it will become more attractive to the regular traders.

 

 

 

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Traders` reviews for Bitcoin Data

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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